Personally I would just buy an umbrella insurance policy and skip the LLC portion of your plan.

I may have someone for the down payment, or take out a portion of HELOC as a down payment, as I have quite a bit of equity on my home.I've tried doing the calculations and have come up with (roughly), a property that doesn't cashflow based on my calculations (which could be wrong)Not cashflowing? 

Renewal Fees are a vital part of a Property Management agreement. 

They mostly just want to see most recent bank statements to ensure you have proper funds for the down payment and portion of the rehab budget to start out prior to requesting your first draw.

Some property owners were able to add a portion of the sign company's revenue (say, 10%) as a bonus, but sign companies are getting away from that model because there are just too many billboards any too much number crunching.

While a good list helps, talking openly with tenants about property expectations is also vital to prevent unnecessary damage.

I have a good friend (attorney) who spent a good portion of his career suing insurers who refused to abide by their policies.

Upon retirement, I have the option to allocate a significant portion of my income to pay off all four properties.My inquiry arises from an opportunity that recently presented itself: the chance to invest in new duplexes in Indiana.

I think the way to handle this is to  divide the property by the portion you use for tax purposes similar to a personal property and the expenses accordingly. 

They are also likely to have more fees (desk fees, floor duty, broker keeps a bigger portion of commissions, etc.).